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IOI Properties Posts Lower Pre-Tax Profit In Q3

Last update: 24/05/2017KUALA LUMPUR, May 24 (Bernama) -- IOI Properties Group Bhd's pre-tax profit fell to RM201.33 million in the third quarter (Q3) ended March 31, 2017 from RM371.46 million registered in the same quarter a year ago.

Revenue, however, rose to RM895.82 million from RM643.55 million previously, it said in a filing to Bursa Malaysia today.

In a separate statement, Chief Executive Officer Lee Yeow Seng said all three segments of the group namely property development, property investment: and leisure and hospitality, saw improvements in revenue.

The property development segment registered a 44 per cent jump in revenue year-on-year, property investment recorded eight per cent increase, while leisure and hospitality's revenue increased 38 per cent.

"The increase in revenue in the property development segment was mainly due to significant contributions from the group's overseas projects in Singapore and Xiamen (China), and local township developments -- Warisan Puteri (Sepang) and Conezion (IOI Resort City Putrajaya)," said Lee.

The group recently launched Par 3, a development of 207 freehold condominium units located at IOI Resort City.

The group's sales value year-to-date stood at RM2.19 billion, up 49 per cent year-on-year.

-- BERNAMA